The U.S. Department of Labor reported that the American economy added 130,000 non-farm payrolls in January, well above forecasts and the highest figure since December 2024. Total U.S. non-farm employment growth for 2025 was revised down to +181,000 from +584,000, with an unemployment rate drop to 4.3% in January.

Gold and silver futures markets held solid gains despite a strong U.S. jobs report that boosted U.S. Treasury yields and the dollar index. Expectations for a March U.S. interest rate cut by the Fed have dropped to less than 15%, with markets now expecting only two potential rate cuts later in the year.

The surprising resilience of gold and silver prices post-jobs data contrasts with their recent drop due to President Trump nominating Kevin Warsh as Federal Reserve chair. Today’s price action suggests that safe-haven demand and central bank buying are outweighing concerns about fewer U.S. interest rate cuts.

Despite the historical inverse relationship between Treasury yields, the dollar index, and precious metals, gold and silver markets are holding strong. Supply and demand fundamentals, including safe-haven demand and central bank buying, are overshadowing concerns about fewer U.S. interest rate cuts amid a stronger economy.

If the gold and silver futures markets can maintain their gains, bulls may have confidence in challenging recent record highs. Analysts are closely watching if prices can hold up into the close to determine the potential for further gains in the future.

Read more at Yahoo Finance: What Today’s U.S. Jobs Data Tells Us About Gold, Silver Prices